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GlaxoSmithKline declares 19% increase in turnover

GlaxoSmithKline Consumer Nigeria Plc has announced 19% increase in turnover from N12.54billion to N14.95billion in its 2009 financial year.

Profit before tax and after tax were N2.469billion and N1.702billion respectively, which represent 33% increase over the same period in 2008.

Speaking at the 39th Annual General Meeting, the Chairman of GlaxoSmithKline, Chief Olusegun Osunkeye, said that the company’s performance reflected the outcome of its continued strategies, a synergy through an operating model where everybody is a winner.

This, he said, has enabled the company to remain profitable despite the challenging business environment.
Chief Osunkeye disclosed that the company has embarked on the construction of N4.7billion global manufacturing supply site to further consolidate on the company’s market share.

The Chairman further explained that, the company invested in recruitment, retention and development of employees in 2009 to enhance performance. “Proactive initiatives attracted specialty and leadership in the company. Our continued focus on human capital development remains our strategic imperative for sustainable growth.”

He stated that GSK has continued to liaise with government agencies, especially, the National Agency for Food, Drug Administration and Control and customers to address the issues of counterfeits, fake drugs and parallel imports.

“The environment in which the consumer healthcare business operates has become more challenging. Consumers are demanding better quality, value and improved performance.

Additional retailers are consolidating their operations, strengthened by their negotiation power. More consumers are effectively resisting price increases by switching to competing brands and substitutes. GSK would continue to deploy effective strategies to deliver long-term financial performance despite the uncertainties,” he noted.

According to him, despite the various challenges, the company believes that Nigeria presents great business opportunities that will produce significant dividends if harnessed by deploying right strategies.’’


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